In the long run, output is determined solely by the supply of capital and the supply of labor, not the price level

Indicate whether the statement is true or false

TRUE

Economics

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An index number is important only in a relative sense -- in comparison to an index number from another period

a. True b. False

Economics

The Tragedy of the Commons for sheep grazing on common land can be eliminated by the government doing each of the following except

a. assigning land property rights. b. auctioning off sheep-grazing permits. c. taxing sheep flocks. d. subsidizing sheep flocks.

Economics